Asia Tech Wire (July 11) -- Tencent-backed Thai music giant GMM Music is aiming to go public as soon as this year, according to Bloomberg.

Fahmai Damrongchaitham, chief marketing officer of GMM Music, said in an interview that the company hopes to go public as soon as this year or 2025.

The "strategic investment with Tencent is actually a very important milestone," Fahmai said. "We are aiming for as soon as possible depending on the market sentiment."

GMM Music announced a strategic partnership with Chinese online music and audio entertainment platform Tencent Music and its parent company Tencent last month.

As part of the agreement, Tencent will take a 10% stake in GMM Music for about $70 million, with cash and a minority stake in music streaming app JOOX Thailand as consideration, which values GMM Music at $700 million.